Daily Bulletin

Good morning. Ahead of the U.S. CPI data set to be released today at 4:30 PM Turkish time, global risk appetite appears weak. Annual CPI is expected to rise from 2.6% to 2.7%, signaling a slowdown in the disinflationary trend. Consequently, this could limit expectations for rate cuts from the Federal Reserve. However, we observe that upward revisions for U.S. indices continue, and expectations for further increases remain intact for 2025 as well. On the other hand, in Borsa Istanbul, Monday's gains driven by Syria-related expectations were erased yesterday. As stated in our strategy note on cement companies and the potential impact of developments in Syria, we currently view the potential demand from the region as having a limited effect on cement companies. That said, we do not anticipate a continued decline in the BIST 100 index. From a technical perspective, support levels can be observed at 10,000, 9,850, and 9,750, while resistance levels stand at 10,200, 10,280, and the 10,400–10,500 band. Should momentum be sustained above this range and capital inflows persist, the likelihood of testing the all-time high of 11,250 in TL terms will increase. The day's agenda is relatively calm aside from the U.S. inflation data. Turkey’s 5-year CDS premium starts the day at 249 basis points.